Guggenheim's Walter Takes Over As Dodgers Owner

May 2 2012 | 2:57am ET

The Los Angeles Dodgers are now officially owned by a hedge fund executive. Just not that one.

Guggenheim Baseball Management's $2.15 billion deal for the legendary baseball team formally closed yesterday, ending the tempestuous tenure of former owner Frank McCourt. The new owners are led by Guggenheim Partners' Mark Walter, who is now the team's chairman and controlling owner.

Walter's group—whose most visible member is former Los Angeles Lakers star Magic Johnson—beat out SAC Capital Advisors' Steven Cohen for the team in March. Another member of the Guggenheim group, longtime baseball executive Stan Kasten, will serve as CEO.

The deal's closing allows the Dodgers to exit Chapter 11 bankruptcy protection.


In Depth

Royalties: The Alternative Assets of the Music Industry

Jul 8 2016 | 7:01pm ET

Recent market volatility has investors seeking greater insight into alternative...

Lifestyle

Vortic: Making Great American Watches Again

Jul 25 2016 | 6:29pm ET

If you are compelled by stories of entrepreneurial vision & drive, or simply...

Guest Contributor

MPI: Like Stellar Returns? Better Understand the Risks First

Jul 22 2016 | 8:44pm ET

When the press reports extraordinarily strong relative or risk-adjusted returns...